The Memphis appeal. [volume] (Memphis, Tenn.) 1886-1890, 1887-02-04
The WESTERN HiTIONAL
THE BANK Mr.. MANNING Is TO
BE PRESIDENT OF.
Its Origin, and How 1t Was Organ
lied by q Louisville Man-Cleye-
lands Sorrow.

New YORK, February 3.-The West
ern National Bank OF this city, which
has been 80 much talked abont in the
papers, in connection with Mr.. Man
ning's name, was originated by a cap
itllist in Louisville, KY, who is now
in New York. He conceived the idea
of having a bank In that city with the
stock distributed among bankers and
business men in the lesding cities Of
the country. He spoke Of it to few
friends in New York, who, thinking
favorsbly Of the project, agreed to CO.
operate with him.
The advertisement which appeared
in Louisville paper was as follows:
WESTERN NATIONAL BANK OF NEW
YORK.
The undersigned is authorized TO receive
subscriptions, to q limited amount, to
the Western National Bank Of New York,
now being organized with q capital OF ST.
900, 900. Subscriptions will be received, and
Information given, at my Office, room 10,
Board Of Trade building: for enc day only,
portunitS rarely offered to bankers and bus
iness men for asafe and prnftable invest.
mont. W. U. HALL.tI
Although only 100000 Of the stock
was wanted for Louisville, il is re-
ported that $500. 900 YVES applied for
In one day. The demand in ether
cities was equally great, and the stock
allowed each was eagerly taken, with
large offers for more. The capital
stock OF the bank was So, 100000. The
applications exceeded that amount
three or four times, but the capital
stock being limited to that amount,
those in control OF the enterprise
deemed it wiser to MAINTAIN the limit,
in spite Of the urgent appeals of APP
plicants. The object was to distribute
the stock 60 as to command the best
patronage Of the leading numerical
firms and cities. This has been &C.
complisheu far beyond the expectA-
tions Of the projectors. The demand
for stock continues TO increase, and the
bank will prove the most successful
enterprise OF the kind in the ountry.
Mr.. Manning will bs the president
and Mr.. Jordan the vice president.
Both OF these gentlemen will resign
their present positions under the gov
eminent after the adj ourment OF Con-
gress, giving the President ample op.
portunity to fill their places. They will
then visit Europe to establish their
correspondents abroad, and at the
same time enjoy period of recreation
and rest. As soon as they return they
will enter at once upon the discharge
OF their duties.
There will be a call OF or 10 per
nd AhA afnnH ~ IL do TkA
bank will be located in the Equitable
building, which will be ready for oc
cupation on May let, at which time
the call for the balance Of the subscrip-
tons will be made, and the bank will
at once commence business.
President Cleveland, when spoken
to on the subject, was much aft scted
at the idea OF losing Mr.. Manning as a
member OF his official family. He hi d
been his friend through good report
and through evil report. He was his
prop and mainstsy. Upon him he was
accustomed to depend in crucial mo-
ments in the affairs OF State, and by
his rare skill In polity and sound adj
vice he was frequently guided. How
ever, with that generosity born OF a
frank, open nature, President Cleve-
land said that he would not stand in
the way OF his friends prosperity, and
much as he regretted his loss, accorded
q CHEEKY consent to Mr.. Manning's &C.
cepting the offer rendered.
The company will be Incorporated
about February 18th, and upon its
formation the presidency will be i'm
mediately rendered to Mr.. Manning,
who will promptly accept. 1t is his
intention to place his resignation in
the hands OF the President about Feb
ruary 18th, so as to enable him to
make q nomination before Congress
adiourns on March 4th. The resigna.
ton, however, will probably not go
into effect before the adjournment.
1t had been Mr.. Manning's in ention
some time ago to retire from the Cabi-
net, and il was understood to bs his
desire that Manton Marble, of New
York, should succeed him. The Pfesi-
dent, however, had great admiration
for the sweeping ability Of Congress.
man William l.. Scott, of Pennsyl-
vania, upon economic subjects, and
expressed preference for that gentle
man. 1t transpires, however, that
the health of Congressman SEQ is un.
equal to tho assumption of such a
task, and he does not want the posi-
ton. Moreover, he is to be one OF the
founders Of ths new institution, and
that would naturally preclude him
from accepting the Treasury portfolio.
Assistant Secretary Fairchild is the
man determined upon for the position.
IN the absence OF Mr.. Manning dur
ing his recent illness he won warm
corner in the Presidents heart by the
signal ability with which he admins
tered the affairs of the oftice. 1t is
said Mr.. Manning and the President
agree upon his promotion, both be-
cause he is eminently ft for the place,
and for the further reason that II will
be in strict line with the spirit OF civil
service.